Indian equities witnessed a sharp decline on Monday, tracking weakness across Asian markets as escalating Middle East tensions kept crude oil prices elevated and dampened investor sentiment. The Nifty 50 slipped ₹2.2% to 22,605.50, while the Sensex declined ₹2.13% to 72,942.20 as of 10:00 AM IST.
The broader market saw even deeper cuts, with both mid-cap and small-cap indices falling ₹3% each. The surge in volatility was evident as India VIX jumped to 26.1, its highest level since early June 2024. The ongoing geopolitical uncertainty and Brent crude hovering near ₹113 per barrel have intensified concerns over India’s growth outlook, especially given its heavy dependence on oil imports.
Amid this backdrop, the Nifty 500 index dropped ₹3% to 20,687.70, reflecting widespread selling pressure across sectors.
Despite the broad-based weakness, select IT stocks managed to stay in the green, emerging as top gainers within the Nifty 500 pack.
Tech Mahindra led the gains, rising ₹1.43% to close at ₹1,404.60 compared to its previous close of ₹1,384.80. The stock touched a high of ₹1,406.70 and a low of ₹1,357.60 during the session, with traded volume of 10,47,290 shares.
HCL Technologies also held firm, advancing ₹1.18% to ₹1,349.40 from ₹1,333.70. The stock recorded an intraday high of ₹1,354.40 and a low of ₹1,310.00, supported by volume of 19,24,759 shares.
Asahi India Glass joined the gainers’ list, climbing ₹1.25% to ₹820.6 against its previous close of ₹810.45. The stock moved between a high of ₹826.95 and a low of ₹782.1, with volume of 3,79,184 shares.
The relative outperformance of IT names indicates defensive buying, as investors rotate towards export-oriented sectors that tend to benefit from rupee weakness.
On the losing side, stocks witnessed steep cuts, reflecting the broader risk-off sentiment in the market. FirstCry emerged as the top loser, plunging ₹9.4% to ₹227.3 from its previous close of ₹250.87. The stock hit a low of ₹226.62 during the session, with significant trading volume of 1,43,99,601 shares.
JP Power also saw heavy selling, declining ₹9.17% to ₹14.86 compared to ₹16.36 earlier. The stock traded between ₹15.64 and ₹14.71, with massive volume of 9,77,62,473 shares, indicating strong participation in the decline.
IDBI Bank dropped ₹8.25% to ₹67.04 from ₹73.07, after touching a low of ₹66.61 during the day. The stock recorded a volume of 1,73,96,246 shares, pointing to sustained selling pressure.
The sharp divergence between a handful of gainers and widespread losers underscores the fragile market environment. Rising crude oil prices, persistent foreign outflows, and a weakening rupee, which hit a record low, continue to weigh on sentiment.
With geopolitical tensions showing no immediate signs of easing, global cues and oil price movements are expected to remain the key drivers for Indian equities in the near term.
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